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University of Modern Sciences College of Business

An academic paper related to business studies at the University of Modern Sciences.

Adam Morris
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Page | 1UNIVERSITY OF MODERN SCIENCESCollege of BusinessSPRING 2014-15Course Name:Fundamentals of MicroeconomicsCourse Code:ECON 260Assessment:Assignment-1Submission Date: April 15, 2015Student Name:-----------------------------------------------------------------Student ID:----------------------------Section {}Total Points: 20Weightage: 10 (out of 20%)Course Learning Outcomes (CLOs) Coverage:CLOsK2S1S2S3S4Max Marks44444AwardedINSTRUCTIONS TO THE CANDIDATES:This isindividual assessment. Group work is not allowed.In mentioned cases provide a neat diagram to explain your answer. Make sure to labelaxes properly. Else points will be deductedPLEASE SUBMIT the Assignment through STUDENT PORTALAlso submit the HARD COPY (PRINT) before or on DEADLINEAssignments submitted through Student Portal will be marked ONLYThe Assignments submitted after DUE DATE will not be ENTERTAINED

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Page | 2Question- 1DefineMarketandMarket Equilibrium?a.By using the demand and supply equations given below, prepare schedule anddraw demand and supply curves?b.At what price and output level the market will be in equilibrium?(4 points)Qd= 100 - 6PQs= 28 + 3PWhere Qdis quantity demanded, Qsis quantity supplied while P is the price of good.Answer –PriceDemandSupply194312883438237476405704366446758498525294655104058Equilibrium will be where Qd =Qs,100-6P = 28+3P72 = 9P8 =PEquilibrium output will be 52 units.
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